Montrose (Wellswood) Management Company Limited 31/10/2021 iXBRL

Montrose (Wellswood) Management Company Limited 31/10/2021 iXBRL

MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED - Company Information

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0 31/10/2021 2021-10-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2020-11-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07395819 2020-11-01 2021-10-31 07395819 2021-10-31 07395819 2020-10-31 07395819 bus:Director6 2020-11-01 2021-10-31 07395819 core:WithinOneYear 2021-10-31 07395819 core:WithinOneYear 2020-10-31 07395819 core:ShareCapital 2021-10-31 07395819 core:ShareCapital 2020-10-31 07395819 core:RetainedEarningsAccumulatedLosses 2021-10-31 07395819 core:RetainedEarningsAccumulatedLosses 2020-10-31 07395819 bus:SmallEntities 2020-11-01 2021-10-31 07395819 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 07395819 bus:FullAccounts 2020-11-01 2021-10-31 07395819 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 07395819 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31
Company registration number: 07395819
Montrose (Wellswood) Management Company Limited
Unaudited filleted financial statements
31 October 2021
MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2021
2021 2020
Note £ £ £ £
Current assets
Debtors 5 245 125
Cash at bank and in hand 2,953 2,334
_______ _______
3,198 2,459
Creditors: amounts falling due
within one year 6 ( 325) ( 309)
_______ _______
Net current assets 2,873 2,150
_______ _______
Total assets less current liabilities 2,873 2,150
_______ _______
Net assets 2,873 2,150
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 7 2,868 2,145
_______ _______
Shareholders funds 2,873 2,150
_______ _______
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2022 , and are signed on behalf of the board by:
Mr L Williams
Director
Company registration number: 07395819
MONTROSE (WELLSWOOD) MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Flat 2 Montrose, Kents Road, Wellswood, Torquay, Devon, TQ1 2NL.
Principal activity
The principal activity of the company the management of flats at Montrose, Kents Road, Torquay.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover represents the amount derived from maintenance charges rendered to all flat owners during the year, to cover all common service costs incurred by the company in its management of the property for the benefit of flat owners.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
5. Debtors
2021 2020
£ £
Trade debtors 245 125
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Accruals and deferred income 325 309
_______ _______
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.